360° Coverage : Health Inflation At 50-year Low As Obamacare Emerges

2 Updates
Health Inflation At 50-year Low As Obamacare Emerges
Photo Credit: Forbes Business

Health Inflation At 50-year Low As Obamacare Emerges

Jan 6 2014, 3:36pm CST | by

Health care spending grew just 3.7 percent in 2012 to $2.8 trillion for a four-year growth rate the federal government deemed the “slowest rates ever recorded in the 53-year history” of the National...

Filed under: news

 
 
 

41 weeks ago

Health Inflation At 50-year Low As Obamacare Emerges

Jan 6 2014, 3:36pm CST | by

Health care spending grew just 3.7 percent in 2012 to $2.8 trillion for a four-year growth rate the federal government deemed the “slowest rates ever recorded in the 53-year history” of the National Health Expenditure Accounts.

The Office of the Actuary at the Centers for Medicare & Medicaid Services today said 2012 health spending grew more slowly than the gross domestic product. Health spending growth has been in the range of 3.6 percent to 3.8 percent since 2009, the government said. The share of the economy dedicated to health care services actually fell a bit to 17.2 percent from 17.2 percent in 2011.

“The low rates of national health spending growth and relative stability since 2009 primarily reflect the lagged impacts of the recent severe economic recession,” Anne Martin, an economist with the Centers for Medicare & Medicaid Services, said in a statement accompanying the report. “Additionally, 2012 was impacted by the mostly one-time effects of a large number of blockbuster prescription drugs losing patent protection and a Medicare payment reduction to skilled nursing facilities.”

To be sure, spending on retail prescription drugs grew just 0.4 percent as a large number of brand name prescription drugs such as Lipitor to treat high cholesterol and the blood thinner Plavix lost sales following the loss of their patent protection. Cheaper generic drugs now abound in such treatment areas, lowering prices and decreasing spending for consumers.  The slower spending growth on prescription drugs helped offset nearly 5 percent increases in spending on hospital care and physician services.

The Affordable Care Act, which this month begins to bring broader coverage of health benefits to millions of uninsured Americans, had minimal impact on 2012 health spending. But government researchers said certain “subcomponents” of health expenditures were affected such as the provision of the law that allows Americans under age 26 can remain on their parents’ health care plan and the requirement that state-regulated health plans for small businesses and individuals must spend at least 80 percent of the health insurance premium on medical costs.

The abstract of the national health spending report, published in the January issue of the journal Health Affairs, is linked here.

Source: Forbes Business

 
Update
2

7 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new com ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

8 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double tragedies of MH370 and MH17" hits ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

UN gives Rwanda $7.2 mn for policy planning
Kigali, Oct 25 (IANS) The government of Rwanda and One UN Rwanda Friday signed 7.2 million dollars financing deal to build capacity in data generation and enhance evidence based on policy planning.
 
 
US nurse with Ebola to be discharged from hospital
Washington, Oct 24 (IANS) A US nurse infected with the Ebola virus disease while caring for a patient from Liberia in Texas will be discharged from hospital soon, the US National Institutes of Health (NIH) said Friday.
 
 
Hundreds of thousands of Ebola vaccines to be ready in 2015: WHO
Geneva, Oct 24 (IANS) Assistant Director-General of World Health Organisation (WHO) Marie-Paule Kieny Friday said hundreds of thousands of Ebola vaccines might be ready for use in the first half of 2015 to turn the tide against the deadly epidemic.
 
 
EU increases aid to fight Ebola in Africa to $1.27 bn
Brussels, Oct 24 (IANS/EFE) The European Union (EU) will increase to one billion euros ($1.27 billion) its contribution to combating the Ebola epidemic in the West African countries worst affected by the deadly virus, European Council President Herman Van Rompuy said Friday.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla